If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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  • HDFC Car Loan Eligibility Calculator is Rated as "Excellent!" by 7697 Users

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    HDFC Car Loan Eligibility Calculator

    An Overview about HDFC Car Loan

    HDFC has attractive car loan offers for new and used cars. It has appealing interest rates, easy repayment tenures and large loan amounts. Customers can avail of three different car loans to suit their needs. You can avail of a loan for:

    • New Car
    • Pre-Owned Car
    • Loan Against Car

    HDFC offers car loans that finance 100% of your cost to purchase the car. Repay the loan over 7 years. You can check if you are eligible for a car loan in a minute and be approved of one in half an hour. Enjoy fixed interest rates and stability of your EMI every month. HDFC aims at making the process fast and hassle-free for their customers. With low down payments, competitive pricing, transparency and deals offered to customers, this car loan stands out as one of the best offers. HDFC ensures that there are no hidden charges in the loan process which makes customers happy with the clarity of the loan amount and applicable fees.

    HDFC also has tie ups with a number of authorised pre-owned car dealers to provide loans to customers seeking used cars. Get fast approvals and doorstep service with this loan. The car should not be older than 7 years for private use, and 6 years for commercial use.
    And even if you don’t have income documents to present, the bank has a car loan that makes it even more easier for you. The HDFC Loan Against Car Loan gives you an interest rate lower than 2% on a personal loan. You can get a maximum loan amount based on the value of the car.

    HDFC Car Loan Eligibility

    The HDFC car loan is offered to salaried individuals as well as self-employed businessmen. Your eligibility for a car loan is based on a number of factors such as your age, income and whether the bank can be sure you are capable of repaying the loan. You are also required to submit documentation that can support your identity, age, address and income claims.

    Apply for Car Loan Online

    New cars

    Employment

    Minimum age

    Maximum age at the end of loan tenure

    Work experience

    Minimum annual income

    Minimum turnover

    Landline facility required

    Salaried

    21 years

    60 years

    2 years, having worked with the same employer for at least a year

    Rs. 1,80,000

     

    Yes

    Sole Proprietorship

    21 years

    65 years

    2 years in business

    Rs. 60,000 for standard cars.

     

    Yes

    Rs. 1,00,000 for mid-sized and premium cars

    Partnership Firms

         

    Rs. 60,000 for standard cars.

     

    Rs. 4,50,000

    Yes

    Rs. 1,00,000 for mid-sized and premium cars

    Private Limited Companies

         

    Rs. 60,000 for standard cars.

     

    Rs. 4,50,000

    Yes

    Rs. 1,00,000 for mid-sized and premium cars

    Public Limited Companies

         

    Rs. 60,000 for standard cars.

     

    Rs. 4,50,000

    Yes

    Rs. 1,00,000 for mid-sized and premium cars

     

    Pre-owned cars

    Employment

    Minimum age

    Maximum age at the end of loan tenure

    Work experience

    Minimum annual income

    Minimum turnover

    Landline facility required

    Salaried

    21 years

    60 years

    2 years, having worked with the same employer for at least a year

    Rs. 1,00,000

     

    Yes

    Sole Proprietorship

    25 years

    65 years

    3 years in business

    Rs. 60,000

     

     

    Yes

    Partnership Firms

         

    Rs. 60,000

     

    Rs. 4,50,000

    Yes

    Private Limited Companies

         

    Rs. 60,000

     

     

    Yes

    Public Limited Companies

         

    Rs. 60,000

     

     

    Yes

    Hindu Undivided Family- HUF

         

    Rs. 60,000

     

    Yes

     

    Loan against car

    Employment

    Minimum age

    Maximum age at the end of loan tenure

    Work experience

    Minimum annual income

    Minimum turnover

    Landline facility required

    Salaried

    21 years

    65 years

    2 years, having worked with the same employer for at least a year

    Rs. 1,00,000

     

    Yes

    Sole Proprietorship

    21 years

    65 years

    3 years in business

    Rs. 60,000

     

     

    Yes

    Partnership Firms

         

    Rs. 60,000

     

    Rs. 4,50,000

    Yes

    Private Limited Companies

         

    Rs. 60,000

     

     

    Yes

    Hindu Undivided Family- HUF

         

    Rs. 60,000

     

    Yes

     

     

    HDFC Car Loan Documentation required

    In order to complete the eligibility process, you need to submit documentation to prove your identity, age, address and income. The following are the documents you will need.

    • ID proof -
      • For salaried individuals and businessmen: Any official document that can be used to identify yourself such as a copy of your passport, voters ID, PAN card, driver’s licence, ration card.
      • For Partnerships: Partnership deed
      • Private Limited Companies: Memorandum and Articles of Association / Certificate of incorporation
    • Age proof - Any official document that can be used to verify your age will suffice such as a copy of your passport, voters ID, PAN card, driver’s licence, ration card, employer certificate or ID, School or College leaving certificate.
    • Address proof - You are required to prove your place of residence through a ration card, driver’s licence, Passport, telephone bill, electricity bill, credit card statement with a copy of your credit card, or an employer’s certificate.
    • Signature proof - The bank also needs to verify your signature as it appears on your passport, driver’s license, credit card statement, banker’s verification, copy of margin money paid to the bank.
    • Income proof
      • For salaried employees, you need to present your latest salary slip with the latest Form 16/ Latest Income tax returns. You can submit the HDFC bank corporate salary account statement for the last 3 months for salaries above Rs. 8,000.
      • For businessmen, you need the latest/previous year’s Income tax returns with the advance tax paid challan or the latest IT assessment order.
      • For Partnership,Private and Public Limited Companies, you need the latest ITR and balance sheet along with Profit and Loss account.
    • In case you are transferring your loan, you need to submit the foreclosure statement from the previous bank.
    • The repayment schedule for 9 months for personal vehicle, and for 12 months for commercial vehicles.

    Factors Affecting HDFC Car Loan Eligibility

    Your HDFC Car Loan Eligibility can be affected by a number of factors. A few have been listed below.

    CIBIL score - CIBIL score is your credit score assigned by the Credit Information Bureau Limited. A high credit score could make your loan process easy and smooth. A low credit score could prove difficult to secure a loan.

    Age - You can get a loan only when you reach the age of 21 years. The maximum age poses a greater obstacle. You must finish the repayment period by the age of 65 years. This is where age can affect your eligibility.
    Income - The loan amount you are seeking to purchase your car may not always be the same as what you are eligible for. Your loan amount depends greatly on how much income you can show. If you end up being short on the eligible income scale, you can add on your immediate family member’s income to compensate the difference.

    Debt - Any debt you already have might affect your eligibility. Your debt-to-income ratio is a very important factor while taking out a major loan. If you already have another loan, or credit card debt, this could significantly reduce your eligible loan amount or total eligibility.

    How CIBIL Score affects HDFC Car Loan Eligibility

    Your CIBIL score is determined by the Credit Information Bureau (India) Limited which has come to play a very crucial role in India’s Financial System. CIBIL collects and stores all information related to your credit history like credit cards, loans, payments, defaults, spending patterns, and so on. A number of things could negatively affect your score like defaulting on your EMIs or minimum due payments. A lower score reduces the amount of loan you are eligible for. In extremely bad situations, you might not be eligible for a loan at all. You will need to build your score back through a long process. So it is important when you take credit from banks and financial institutions to pay your dues on time and play by the rules to ensure a good credit score for when you need it again.

    How to Increase your HDFC Car Loan Eligibility

    If you find yourself not eligible for the loan amount you are looking for, there are ways to change that.

    Pay off other debts - You will need to repay other loans and credit cards in order to increase the amount of loan you might get. Never take a personal loan right when you plan to take a big car loan or home loan in the near future. This could affect your debt-to-income ratio, and this will significantly reduce your loan amount.

    Co-applicants - You can include the income of your spouse, father, mother, son, daughter, brother and sister to increase your eligibility. They will be brought on as co-applicants of the loan even if the car is not in their name.

    Increase your credit score - Find ways to bring your credit score up. You could spend more on your credit card and pay it back ahead of time. CIBIL scores are tricky because even closing a credit card can put a ding in your score simply because your available credit limit is significantly reduced. So do your research and find ways to improve your score.

    HDFC Bank Car Loan Eligibility Calculators

    HDFC Bank offers a quick and easy eligibility calculator on its website. Simply enter your details to find out if you are eligible for a loan. You can also view the exact total cost and EMI of your car loan. You can then decide whether the loan is suitable for you and apply online. Get special discounted rates of interest when you apply for a loan online.

    You can also check your eligibility on BankBazaar.com. Enter your details and view the results of the loans you are eligible for. You can read further about the HDFC Car Loan offered and apply online directly through BankBazaar.com.

    Car Loan Reviews

    • HDFC Bank Car Loan
      "Best Financial Service"
      0.5 4.5/5 "Excellent!"
      I Have taken Car loan from Hdfc bank , The rate of interest which they have given which is PROMISING ONE . There is no processing fees . There customer representative explained the benefits and features of the features of the card .They have instantly approved the loan they have given the tenure period of 5 years I make the payment through Ecs process.
      Was this review helpful? 0
      , vadodara
      Reviewed on Oct 17, 2018
    • HDFC Bank Car Loan
      "Good Card"
      0.5 4.0/5 "Great!"
      I am pretty much happy with its service as it take cares whenever i am in need. But HDFC don't give me an option to convert my payment in EMI medium at the beginning. It will be Easy for me if they come up with EMI option so that i don't have to struggle.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 17, 2018
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a good experience i had with this car loan and the process has been easy in getting this loan. The loan amount which they had provided had been satisfactory and the interest rate with them has also been nominal when compared with the market rate. There has been some processing fee which they had charged and there has not been any sort of additional charges which had been made by them.
      Was this review helpful? 6
      , pune
      Reviewed on Oct 12, 2018
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good experience i had with this Car loan and the loan amount which they had provided had been satisfactory and has been sufficient. It was a fast process and did not took any delay in the disbursement, the interest rate with them has also been nominal when compared with the market rate. It has been a hassle free experience overall.
      Was this review helpful? 2
      , bangalore
      Reviewed on Oct 09, 2018
    • HDFC Bank Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I had a good experience by purchasing the car loan from the HDFC BANK. The loan amount what they have offered is sufficient and it is 5lakhs and the rate of interest is 9% approximately. The duration is for 5 years to repay the loan where i am paying it through auto dept from account.
      Was this review helpful? 2
      , new delhi
      Reviewed on Oct 08, 2018
    • HDFC Bank Car Loan
      "Best Financial Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan form the Hdfc bank and they are giving good service . They have given nominal rate of interest which am satisfied with it .They instantly responded very well and approved the loan instantly . Overall satisfied with the my car loan from the HDFC BANK .
      Was this review helpful? 4
      , chennai
      Reviewed on Oct 07, 2018
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience i had with this Car Loan had been good where they had given me a good service. The loan amount which they had given has been sufficient and the interest rate has been nominal when compared with the market rate. There has been some nominal charges made by them and their customer support also had been good as well.
      Was this review helpful? 6
      , kolkata
      Reviewed on Oct 05, 2018
    • HDFC Bank Car Loan
      "Satisfied"
      0.5 4.5/5 "Excellent!"
      HDFC Bank is good overall in the car loan services. The loan amount is of three lakhs and they are very transparent in the details. The rate of interest and processing charges are normal. There is a part payment options but there are no charges taken for it.
      Was this review helpful? 3
      , gurgaon
      Reviewed on Oct 05, 2018
    • HDFC Bank Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      It is an excellent service provided by the HDFC BANK. The process is quick to get the loan. I have taken for the new car and i got the loan for on road road price and the rate of interest is 9% and it is nominal. Duration is for 5 years and i pay for monthly auto debit.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Oct 03, 2018
    • HDFC Bank Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I Have taken Car loan from Hdfc bank , The rate of interest which they have given which is high . There is processing fees is nominal one . There customer representative explained the terms and conditions .They have instantly approved the loan which took 4 days .
      Was this review helpful? 5
      , new delhi
      Reviewed on Oct 03, 2018
    • HDFC Bank Car Loan
      "Worst Bank with Worst service ever "
      0.5 0.5/5 "Unacceptable"
      I hv classic saving account in hdfc bank with dedicated banker, I am always kee fund in my account 10lac+When I applied for a used car loan of rs 3lac they harassed me alot and finally after so much fight by me they disbursed my loan with conditions like you have to install GPS in 18000 and mrkt cost is 2000..
      Was this review helpful? 5
      , new delhi
      Reviewed on Oct 03, 2018
    • HDFC Bank Car Loan
      "GOOD CARD"
      0.5 4.0/5 "Great!"
      HDFC credit card too i m using i dont have idea about annual fee they charge and i am not much satisfied with my credit limits as i had expected a bit higher but i didnt got as per my expectation , customer support team service is also good and there service is running smoothly and this card is multiple use only.
      Was this review helpful? 4
      , bangalore
      Reviewed on Oct 01, 2018
    • HDFC Bank Car Loan
      "AVERAGE"
      0.5 3.0/5 "Satisfactory"
      My car loan was taken with HDFC BANK , the tenure period was 3year and rate of interest was nominal with this bank compare to other . There is no processing fee and loan amount what i got through this bank is very much satisfactory . So far it has been good experience with this bank .
      Was this review helpful? 2
      , chennai
      Reviewed on Oct 01, 2018
    • HDFC Bank Car Loan
      "Best Service"
      0.5 4.5/5 "Excellent!"
      I have taken a new car loan with HDFC bank and my experience was good, the loan amount was for Rs 3 lacs with nominal interest rate when compared to others. Customer service was good and they followed up on time . The tenure period for this loan is 5 years.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 01, 2018
    • HDFC Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My experience was good with HDFC bank for car loan, the loan amount was based on my requirement and the rate of interest was nominal when compared to others. Customer service was good and they responded on time. The tenure period for this loan is 5 years.
      Was this review helpful? 2
      , vadodara
      Reviewed on Oct 01, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My experience was good with HDFC bank for car loan, the process was smooth and i received my loan amount on time. Customer service was good with this bank and they followed up on time. Tenure period for this loan is 7 years out of which 3 years already completed.
      Was this review helpful? 8
      , ghaziabad
      Reviewed on Sep 27, 2018
    • HDFC Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with HDFC bank and my experience was good, the loan amount was for Rs 10 lacs with nominal interest when compared to others. Customer service was good and they followed up on time. My loan was approved on the on-road price and the tenure period for this loan is 3 years.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 25, 2018
    • HDFC Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I've taken a car loan from the HDFC bank. The loan amount was 217000 and the interest rate was high. I applied for the loan at the showroom. They processed the loan with in 3 days and it was a fast and hassle free process.
      Was this review helpful? 8
      , faridabad
      Reviewed on Sep 19, 2018
    • HDFC Bank Car Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      My car loan was taken with HDFC bank 1 year back.The loan amount was 7 lakhs and rate of interest was satisfactory .The tenure period was 3 years . There is no processing fee and the loan was good.. There is no issues faced and the whole process was smooth.
      Was this review helpful? 6
      , new delhi
      Reviewed on Sep 15, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      The experience with this Car Loan had been very good and the loan amount which they had provided also had been good as well. The interest rate with them has been good as well and when compared with the market rate. The customer support of them also had been responsive and there has not been any sort of hassles faced with their services.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Sep 12, 2018
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